Olsens Tap Prada President to Lead The Row

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When Mary-Kate and Ashley Olsen first launched The Row in 2007 -- with the rather unassuming aim of creating luxurious basics like $500 tees -- the industry was skeptical of yet another celebrity fashion label. The sisters quickly won fans, however, with their off-hand chic looks and pitch-perfect styling, which quickly expanded into a winning sportswear collection.

Now, the sisters have tapped a heavyweight in the fashion industry, François Kress, who is currently president and CEO of Prada USA, to lead the label as president -- a newly-created position. As Mary-Kate Olsen told WWD, "He quickly became the obvious choice for us and for the brand, having experience in multiple categories which we feel is essential for growth of The Row."

The sisters recently launched a high-end handbag collection -- including a $39,000 alligator backpack that promptly sold out -- and it's clear from the move that they're looking to expand The Row even more. Considering its success thus far, we're betting this New York-based label is primed for global domination, making their Fashion Week presentation in February one to watch.